Fitch affirms FirstRand

Fitch Ratings said it affirmed FirstRand Bank Holdings Ltd.'s BBB+ long-term foreign-currency issuer default rating and its wholly owned subsidiary FirstRand Bank Ltd.'s A- long-term foreign-currency issuer default rating.

The short-term foreign-currency issuer default ratings were affirmed at F2.

The outlook is stable.

Affirmation reflects the banks' solid domestic franchise, consistent and growing earnings track record and improving tier 1 capital ratios, the agency said.

Ratings also consider strong levels of retail credit growth, increased non-performing loans and high levels of market risk arising from equity exposures, Fitch said.

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